Lyra Therapeutics (NASDAQ:LYRA) Downgraded to Market Perform at William Blair

Lyra Therapeutics (NASDAQ:LYRA) was downgraded by equities research analysts at William Blair from an “outperform” rating to a “market perform” rating in a report released on Monday, MarketBeat reports. William Blair also issued estimates for Lyra Therapeutics’ Q2 2024 earnings at ($0.33) EPS, Q3 2024 earnings at ($0.31) EPS, Q4 2024 earnings at ($0.29) EPS, FY2024 earnings at ($1.27) EPS, Q1 2025 earnings at ($0.31) EPS, Q2 2025 earnings at ($0.30) EPS, Q3 2025 earnings at ($0.32) EPS, Q4 2025 earnings at ($0.29) EPS and FY2025 earnings at ($1.22) EPS.

Several other equities research analysts have also weighed in on LYRA. HC Wainwright reaffirmed a “buy” rating and issued a $12.00 target price on shares of Lyra Therapeutics in a research report on Wednesday, May 1st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lyra Therapeutics in a research report on Friday, January 12th. Finally, Bank of America dropped their target price on Lyra Therapeutics from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $7.13.

Lyra Therapeutics Trading Down 19.5 %

LYRA stock opened at $0.42 on Monday. The firm has a market cap of $25.61 million, a P/E ratio of -0.35 and a beta of 0.31. Lyra Therapeutics has a 12-month low of $0.36 and a 12-month high of $6.79. The stock’s 50 day simple moving average is $5.33 and its 200 day simple moving average is $4.64.

Lyra Therapeutics (NASDAQ:LYRA) last posted its quarterly earnings results on Tuesday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.09). The firm had revenue of $0.53 million for the quarter, compared to analyst estimates of $0.40 million. Lyra Therapeutics had a negative net margin of 4,099.82% and a negative return on equity of 77.34%. On average, research analysts forecast that Lyra Therapeutics will post -1.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vestal Point Capital LP bought a new position in shares of Lyra Therapeutics in the fourth quarter worth $15,720,000. Parkman Healthcare Partners LLC grew its stake in shares of Lyra Therapeutics by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock worth $3,956,000 after purchasing an additional 129,829 shares in the last quarter. Citigroup Inc. bought a new position in Lyra Therapeutics during the third quarter valued at about $265,000. Prescott Group Capital Management L.L.C. bought a new position in Lyra Therapeutics during the third quarter valued at about $117,000. Finally, Bank of New York Mellon Corp bought a new position in Lyra Therapeutics during the third quarter valued at about $73,000. Institutional investors own 95.62% of the company’s stock.

About Lyra Therapeutics

Lyra Therapeutics, Inc, a clinical-stage biotechnology company, focuses on the development and commercialization of novel integrated drug and delivery solutions for the localized treatment of patients with ear, nose, and throat diseases. It's XTreo technology platform is designed to deliver medicines directly to the affected tissue for sustained periods with a single administration.